Thursday, October 02, 2008

Safety of Bank accounts in US

Presently, lot of people in US are worried about their bank accounts because they do not know how safe their bank accounts are as banks in US are in very bad condition (do not have cash to pay bills). In recent times, three major US banks have collapsed and many more banks can also follow the same path.

At present, there is no sign of any positive improvement in US banking sector is available in front of us. Already, US banks have lost billions of rupees in recent times; therefore, many people do not believe their money safe in US banks. This is really a very bad sign for biggest financial hub of world.

Moreover, banking crisis in US is also affecting many developing nations because of major exposure of US banks in these nations. Lot of people in US are hoping for some rescue for US banks by government like 700 billion dollar bailout plan. Hopefully, soon we can expect some good news on this point. For time being people of US have no option but to worry about health of their banks.